Location: Yakima, WA | Metro: Yakima, WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
U.S. Census Bureau data (2024)
The ZIP code 98939 presents a dynamic rental market that is heavily influenced by the significant share of renters, currently at 56.8%. This high percentage indicates a strong long-term housing pressure, suggesting that a majority of residents prefer or require rental accommodation over homeownership. The Fair Market Rent (FMR) for the area stands at $1150 for fiscal year 2024, a figure that reflects the rental affordability and demand in the region.
While the specific market rent and price-cut share percentages are not available, the absence of these metrics could imply a stable rental environment where landlords and tenants have established a consistent equilibrium. Similarly, the lack of detailed days on market (DOM) data suggests that properties in this area are typically occupied without prolonged vacancies, further supporting the idea of a balanced market.
The median home value being unavailable points to either a predominantly rental-focused area or an ongoing fluctuation in the real estate market that makes it difficult to pinpoint a median value. In a market where the majority of residents are renters, the focus tends to be more on rental units rather than home purchases, which can lead to a higher concentration of rental properties and less emphasis on homeownership statistics.
Given the snapshot of data available, 98939 appears to be a market where demand closely follows supply, if not slightly outpaces it, especially considering the high renter share. Landlords and small-portfolio investors should consider the FMR as a benchmark for setting competitive rents while also being mindful of the overall housing pressure that could drive up rental demand in the future.
A strategic approach for investors would involve monitoring local economic indicators and employment trends, as these factors significantly influence the rental market's dynamics. With a solid understanding of the current FMR and the high proportion of renters, investors can make informed decisions about their property investments in this area.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.